Delinquency rates have fallen for the third consecutive month, according to the latest First Look at May’s mortgage performance data from Black Knight . Black Knight states that the national delinquency rate fell to another record low in May, at 3.36%, which is the lowest point since 2000.
Black Knight’s data also reveals that May saw the lowest number of foreclosure starts in 18 years, at around 39,000, while the number of loans in active foreclosure fell to a more than 13-year low. The total non-current rate has fallen to to its lowest point since early 2005, driven by improvements in overall delinquencies.
Despite the record lows nationally, many southern states are still experiencing high rates of non-current loans. Mississippi leads with a non-current percentage of 9.86%, followed by Louisiana at 7.34% and Alabama at 6.37%. Mississippi, Louisiana, and Alabama also lead 90+ days delinquent loan volume.
California holds the lowest percentage of non-current loans, at 2.15%, followed by Idaho and Washington.
In March 2019, CoreLogic  found that 4% of mortgages were delinquent 30 days or more, which is just a 0.3% decline year-over-year and unchanged from February.
According to CoreLogic: the largest annual gains in serious delinquency rates came in metros heavily affected by hurricanes. Panama City, Florida, saw a 1.9% increase, and Albany, Georgia, had a 1% increase. CoreLogic states that 166 U.S. metro areas in March posted small increases in overall delinquency rates.
"Delinquency rates and foreclosures continue to drop through March and should decline further in the months ahead barring any serious dislocations from recent flooding in the mid-west or a severe Atlantic hurricane and/or wildfire season on the coasts,” said Frank Martell, President and CEO of CoreLogic.
Black Knight will release its full Mortgage Monitor report on July 1.